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Singularity Future Technology Ltd. Investigation

The law firm of Kirby McInerney LLP is investigating potential claims against Singularity Future Technology Ltd. (“Singularity” or the “Company”) (NASDAQ: SGLY). The investigation concerns whether Singularity  has violated the federal securities laws and/or engaged in other unlawful business practices.
Singularity focuses innovative solutions for globally interconnected AI networks and establishes state-of-the-art crypto mining pools.
On May 5, 2022, Hindenburg Research released a research report that alleged that “Singularity’s CEO, Yang Jie, is a fugitive on the run from Chinese authorities for running an alleged $300 million Ponzi scheme that lured in over 20,000 victims.” The Hindenburg report also claimed to “see little evidence that Singularity’s ‘proprietary’ crypto mining rigs ever existed in the first place. The photos and descriptions of Singularity’s miners match precisely with another brand called KOI Miner.” On this news, the price of Singularity shares declined by $1.95 per share, or approximately 28.89%, from $6.75 per share to close at $4.80 per share on May 5, 2022.

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